Ventura County Credit Union Posts Gains

Ventura County Credit Union saw record financial growth in the second quarter.

In addition, readers of local publications, Ventura County Star and Ventura County Reporter, named the credit union the area’s “best financial institution.”

In second-quarter 2011, VCCU’s financial growth included a net income jumped from $1.8 million to $5.2 million; a ROA ratio increase from 0.26% to 1.06%; a total assets increase to $542 million; and a net worth/assets ratio increase from 7.70% to 8.10%.

Joe Schroeder, president/ CEO of the Ventura, Calif.-based credit union, attributes the financial growth in part to loan modifications.

“Some of our members are struggling financially, and we’ve really been able to help them through loan modifications on both home loans and consumer loans,” said Schroeder.

Ventura County Credit Union was chartered in 1950 and now has five offices and more than 50,000 members.